San Francisco-based Credible Labs (CRD:ASX) and Fox Corporation (FOX:NASDAQ) have entered into a definitive merger agreement for the sale of Credible to Fox in a transaction that values Credible at approximately AUS$ 585 million. As part of the transaction, Credible shareholders will receive AUS$2.21 cash per CDI (AUS$55.25 per share of Credible common stock), and, subject to approval from the ASX, founder and CEO Stephen Dash will exchange shares equal to one-third of Credible’s outstanding common stock into units of a newly created, unlisted Fox subsidiary. The transaction was evaluated and recommended by a special committee of independent directors of Credible and was unanimously approved by Credible’s full board.
The transaction is expected to close later this year.
The DLA Piper team representing Credible Labs was led by partners Christopher Giordano (New York) and David Ryan (Sydney) and included partnersJon Venick, Drew Young, Jeff Salinger, Paolo Morante (all of New York), Rita Patel (Washington, DC), Anil Kalia (Silicon Valley) and William Bartow(Philadelphia); foreign legal consultant Rube Uthayakumar (New York); and associates Carina Meleca, Peter Phillips (both of New York), Mary Claire Blythe (Baltimore) and Andrew Chan (Silicon Valley).
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